Continuing with the last article:

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RULE No 5. Visual appearance is a key factor for the product – When a new product is launched in the market, the first impression is the last impression for the customers, which is looks of the product. E.g. Apple iPod has a very trendy, slim, Gen Y looks which attracts millions of customers. So due importance should be given to the visual appearance of the product.

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RULE No 6. Try to attach to emotional needs of the customer– Indian companies have learnt it as we can see companies like HUL, MUL to name a few whose advertisements portray small kids doing the ads saying “Daag Acche Hain” and “My Daddy’s Big Car” respectively. These companies have understood that the real influencer is the minor of the families. So they are attaching the emotional aspect in their products. So the Mantra should be “Influence the Influencer”.

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RULE No 7. Price is important – This is one of the most important features which can make or break a product to become a brand. Now one cannot over price the product nor can it under price the product. Every time a customers buys a product, he is doing some sort of trade-offs between different parameters like features, price etc. Now if the product’s price is justified, then a customer may buy the product.

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So at the end of it all “customers don’t really care about new brands, they care about new categories. By first preempting the category and then aggressively promoting the category, you create both a powerful brand and a rapidly escalating market”. For example Coca Cola and Pizza Hut etc.

Hence if I have to take a judgment call then managers should always remember in which segment of market they are in, in other words we can say that marketers should never suffer from Marketing Myopia”. One of the important aspects of successful marketing strategy is that they should “identify and target the actual influencer”.

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N.B. The list is not exhaustive but these codified set of rules can act as an eye-opener.

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